DWF Labs, the crypto trading company, has denied the allegations of taking part in $300 million worth of wash trading on Binance in 2023. In a post on their Telegram channel, DWF Labs refuted the allegations, claiming that they were baseless.
DWF Labs reported, “It has come to our attention that a recent article contains many allegations that we believe to be unfounded and that do not accurately represent our ethical business practices.”
The Wall Street Journal’s report was that Binance’s investigators had discovered proof of market manipulation by DWF Labs concerning the YGG token and six more tokens. The investigators advised deleting several hundred users who had violated the terms of use of the platform.
Nevertheless, Binance also carried out its own investigation and concluded that the evidence was not enough to sustain these allegations. After that, Binance released the head of its surveillance team and did not terminate DWF Labs as a client.
Binance has shrugged off the idea that it allows market manipulation on its platform. A representative highlighted the strength of its market surveillance framework in finding out and acting against market abuse.
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